Recession Was Actually Worse Than We Thought

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Drew Carey also shrank dramatically over the past two years, surpassing expectations. Photo: Gawker

Data from the Commerce Department shows that over the past two years, the economy shrank not by 3.7 percent, as economists expected, but 4.1 percent. “Today's data shows us that the recession was steeper than initially estimated,” U.S. Commerce Secretary Gary Locke said. Guess that's why we were all so miserable. [Official site via Bloomberg]